My Account

Staggering £3.8 billion* lost in energy bills, warn finance experts

Finance experts TotallyMoney have warned that 27 million UK households are potentially missing out on substantial £300 savings due to price hikes and widespread misconceptions. Research reveals:

A significant £300† a year could be saved on average in UK households by switching energy tariff

This equates to customers overpaying by £3.8 billion due to not switching energy tariff or supplier

A massive 82% of the British public failed to switch energy in 2018‡

Over half (58%) falsely believe they are already on the best tariff‡

TotallyMoney’s award-winning free credit report has always shown customers how much their money habits affect their credit score. Their brand-new energy switching service helps customers to improve their spending habits, and means they will now see their best money-saving options to ensure they never pay more than they need to.

The launch comes at a pivotal time for customers, many of whom resolve to take control of their finances at the beginning of the year but remain unaware of how significant an impact energy switching has on their financial welfare.

Shockingly, nearly three in five (58%) believe they are already on the best energy tariff. However, many don’t know that some energy suppliers automatically place customers on the most expensive plan once their introductory period ends, which is only capped due to restrictions and regulations mandated by the government.

The lightbulb moment

TotallyMoney customers now get a constantly up-to-date view on how much they can save on their energy bills and can complete a money-saving switch in as little as two minutes. This hassle-free experience will overcome significant barriers for customers, with one in four (25%)‡ believing energy switching to be an inconvenience and are left out of pocket as a result.

Customers can also choose how they save based on what matters to them most, whether that’s price alone, well-established energy providers, contract flexibility, or green suppliers.

“We’re excited to launch energy switching for our customers and are keen to get the word out about how significant the potential savings are.

“It’s alarming that £3.8 billion of people’s hard-earned money is being lost due to not switching.

“A £300 annual saving is a worthwhile return in exchange for just two minutes of someone’s time — and that’s just the tip of the iceberg. For larger households and families, the potential savings could be even greater.

“At TotallyMoney, we’re on a mission to improve the UK’s credit score and help our customers move on up to a better financial future. Helping our customers save money on their energy bills is a significant step forward in achieving this goal. Whether those savings are used to pay off more of their debt, or to simply make day-to-day living a little bit easier, it’s clear to see how a small switch could make such a big difference to the lives of many across the UK.”

Methodology

There are 27 million households in the UK (ONS). Of these households, 51% are on an SVT, and 4.3 million of these are on a prepayment meter (Ofgem*).

The average difference between an SVT and a default tariff is £304, whilst the difference between an SVT and a prepayment meter is £167 (Ofgem*).

About TotallyMoney

Free credit report providers and credit experts, TotallyMoney, are on a mission to improve the UK’s credit score and help people move on up to a better future.

TotallyMoney launched its free credit report in late 2017, and today has 3 million customers.

TotallyMoney is the highest rated free credit report provider on Trustpilot. They are also 2018, 2019 and 2020 winners of Best Free Credit Report Provider at Moneynet’s Personal Finance Awards, showing recognition from both its customers, as well as within the wider industry.

TotallyMoney is backed by Elliott Advisors (UK) and Scottish Equity Partners (SEP), following a £29 million investment announced in January 2019.

TotallyMoney is also a Sunday Times Best Company as well as a UK’s Best Workplace 2019.

We're on a mission to improve the UK's credit score and help people move on up to a better future.

Services

Company

Guidance

Legal

TotallyMoney is an independent credit broker, not a lender.
Our comparison service works with most leading lenders, covering the majority of the market. Though we may be
paid a fee by lenders or brokers this never influences how our products are ranked.

We don't provide financial advice. Product information is obtained from independent sources and rates
displayed may vary depending on your personal circumstances. While we make every effort to ensure that
information is up to date, you should always confirm the terms of the offer with the product provider.

TotallyMoney is owned and operated by TotallyMoney Limited which is registered in England and Wales (Company
Registration Number 06205695). TotallyMoney Limited is an Appointed Representative of MI Money Limited, which is
registered in England and Wales (Company Registration Number 06967012) and authorised and regulated by the
Financial Conduct Authority in respect of consumer credit related activities (FCA FRN: 511936). Trading Address
and Registered Office: Chapter House, 16 Brunswick Place, London N1 6DZ. Credit is available, subject to status,
only to UK residents aged 18 or over.